The 16th installment of this season was pretty interesting.
I think it is safe to say that Ra's al Ghul's proposal somewhat seems like death in a way. Oliver would have unlimited resources to spread his vision for justice around the world, no pain, and no worries, but he will have to leave behind his loved ones for that deal.
But this episode also shows that Oliver is a type of person who focuses on the conflicts at hand. He still has the same live or die mentality based on which he makes his daily choices.
Oliver had confusions about whether he was making a difference in the Starling City or not because he felt that the crime rates haven't fallen and that he still doesn't feel like he has accomplished anything being the vigilante for 2 years. This time Felicity manages to make sure that Oliver focuses on the small victories that he achieves which then gives him hope and decide to decline Ra's al Ghul's offer.
But that choice definitely looks like it will have severe consequences. At the end of the episode, we see that the Demon's Head dressed in the Arrow attire kills 2 guys and starts a campaign against the Starling City's loved vigilante. This makes us suspect that by the end of the season, Oliver/Arrow will accept to become the next Ra's al Ghul after seeing that his loved ones would have to suffer because of his decisions.
We also saw a shocking bond being formed between Nyssa and Laurel and also a promise of future training from Nyssa, which seems interesting because it begs the question - What kind of factor will Laurel's training play by the end of the season? Will Nyssa and Laurel try to kill the current Ra's al Ghul which will make Nyssa the next Demon's Head, or will Nyssa and Oliver have a combat for becoming the next Demon's Head after killing the current Ra's al Ghul?
The last shocker was the resurrection of Shadow. Where will that lead to in the story?